Saudi market regulator to suspend Mobily shares starting June 9

The Capital Market Authority (CMA), Saudi Arabia’s market regulator, said on Monday that it willplace a trading halt on shares of Etihad Etisalat Co.(Mobily) starting Tuesday, June 9.

The CMA revealed that it had provided the kingdom’s second-largest mobile operator with a report on Monday, in which a professional team evaluated the telco’s financial statements.

Mobily’s shares will remain under suspension until the company discloses updated financial statements, in light of the new assessment.

The authority had established a team to review Mobily's financial statements and related documents, conduct site visits, and hear all concerned parties' statements.

Last month, Argaam reported that the CMA had launched an investigation on the company after suspecting insider trading.

Earlier this year, Mobily reported a $243 million loss for 2014, after restating earnings in November. It attributed the discrepancy to accounting errors and has been under investigation by the market authority since.